17 Nov 2010

Walmart sales up

9:18 am on 17 November 2010

Wal-Mart, the world's biggest retailer, has reported a 9% rise in profits due to strong sales overseas.

Profit in the third quarter rose to $US3.44 billion compared with $US3.15 billion for the same period last year.

Sales in the United States fell for the sixth consecutive month.

However, Wal-Mart International continues to enjoy strong growth.

The BBC reports Wal-Mart has added almost 10 million square feet of retail space in the last three years, and 37% of this came from developments abroad.

Sales at Wal-Mart's US discount stores have suffered because of high levels of unemployment which have seen customers cutting back on some essential items.

However, countries like Japan and Brazil have helped offset this drop off in sales.